BioAsia 2020 was held at the life science capital of India i.e. Hyderabad , Telangana from 17th- 19th February, 2020 on the theme “Today for Tomorrow”. It was hosted by the Government of Telangana in partnership with EY (Ernst & Young Private Limited). It was the 17th edition of the flagship international convention – BioAsia, whose CEO is Shakthi Nagappan. The event was attended by Piyush Goyal, Minister for Commerce and Industry.
- The aim of the conference was to explore the investment capabilities of Life sciences companies. As a part of it, the event saw the release of a report by EY titled “Today for tomorrow: realising the potential of Life Sciences 4.0”.
Key Points from report:
-The average drug manufacturing utilisation rate in India is around 75% across both active pharmaceutical ingredients (APIs) and formulation production facilities.
-India is the largest provider of generic drugs globally, fulfilling about 40% of the generics demand in the US (United States) and 25% of all medicines in the UK (United Kingdom).
-India also supplies over 50% of global demand for vaccines and 80% of global demand for antriretroviral drugs for AIDS (Acquired immune deficiency syndrome).
-The average R&D (Research & Development) spent by the top Indian pharma companies increased from 5.9% of sales in FY 10 to about 8.8% during FY 18.
-India is likely to capture about 8% of the global $62 billion biosimilar market by 2025.
-Most Indian companies adopted digital technologies to remain relevant and competent in the future.
About E&Y
Establishment– 1989
Chairman & CEO– Carmine Di Sibio
Headquarters- London, United Kingdom
